Do you regularly need to transfer money abroad? If you have previously used your bank to transfer money to other countries, we would like to show you what other options there are. Some providers now offer foreign money transfers online or via app.
Anyone who shops online, has friends or family abroad or is simply on vacation away from home will eventually have to make a transfer abroad. You can go to the bank for this – or use apps or online services.
Transfer to other EU countries no problem
If you want to transfer money within Europe, you can now do so without any problems using online banking. Almost 40 countries now belong to the Single Euro Payments Area (SEPA) – but Ukraine, for example, does not. Money transfers to other countries that do not belong to the SEPA payment area, however, do not work so easily. In this case, that means: forms, forms, forms.
However, things are different now. Because various providers have recognized how complicated the process at banks is, and therefore offer their own online services and apps. You guessed it: This uncomplicated money transfer is not free of charge. It is therefore worth taking a close look at what is cheaper for you – going to the bank or transferring money abroad via app.
Another tip: If you transfer sums of money over 12,500 euros abroad, you usually have to do so § 67 Foreign Trade Ordinance Sign in. Otherwise threatens § 19 Foreign Trade Act a fine of up to 30,000 euros. You should check with your bank in advance whether you need to report the cash injection for your child studying abroad. There are exceptions to the reporting requirement.
Provider overview: Money transfer abroad
The list of providers for money transfers outside the European SEPA payment area is constantly growing. These include lesser-known names such as Monese, OFX, Skrill, Remitly, Ria and TransferGo. However, well-known sizes such as Azimo, Moneygram, PayPal, Western Union, Wise or World Remit also appear there. We would like to briefly introduce you to some of the better-known names and their apps.
Azimo
With the Azimo app you can basically transfer money online to any country. You are free to choose the currency. You can also choose the type of payment:
- transfer to a bank account,
- cash withdrawal,
- from cellphone to cellphone,
- by SWIFT transfer.
Transferring money with the Azimo app is just as easy as with online banking. You only have to choose from the four payout methods, because then the resulting fee is calculated. The app and the Azimo website provide transparent information about the amount of fees and exchange rates.
PayPal
PayPal probably know most people who are regularly online. Therefore, the operation is also very familiar. By entering an email address, you can transfer money to another person anywhere in the world if they also use PayPal. The only difference to a “normal” PayPal transfer: If the money is not transferred in euros, PayPal charges a fee.
If you know the person you want to send the money to well, PayPal is probably your best bet. For other people or organizations, it is better to make the transfer via another provider or bank.
Western Union
Western Union has been an established provider of international transfers for many years. The US company operates its own branches in many countries, including Germany. Since many customers now want to take care of most things via smartphone, Western Union is now also offering its own app. This is just as easy to use as any other banking app. However, Western Union pays for its good reputation with high fees compared to other providers. You can be sure that your money will be transferred reliably.
Also interesting: What can Western Union’s WU+ smartphone account do?
wise
wise is one of the climbers of the past ten years. Founded in 2011, over twelve million customers now use the money transfer service. With the Wise app you can transfer money to 80 countries and in 50 different currencies. However, you need an account with Wise for this. This is worthwhile if you regularly receive money in other currencies yourself. Wise offers the possibility to ‘park’ this money on the account. This allows you to benefit from exchange rate developments.
Conclusion on apps for international transfers
You will find countless providers for money transfers abroad on the Internet. You have to compare for yourself whether a transfer online or via an app pays off. With Western Union and PayPal, two heavyweights offer their apps for international transfers. Above all, PayPal is perfectly adequate when it comes to irregular payments to friends abroad.
Since money transactions are generally a sensitive topic, all the apps mentioned meet a high security standard and comply with the current protocols. However, if you still find it too insecure to transfer money via the app, you can of course continue to go to your bank.